According to CEO Ann Cuisia, the token sale will pave the way for TraXion to “become the go-to crypto-economy for payments, peer-to-peer lending, remittances, savings, insurance, investments, and philanthropy”.
The token pre-sale, launched on May 1, 2018, was aimed at raising US$4 million.
The company plans to launch a crowdsale, aka ICO, on an undisclosed date.
Founded in 2017, TraXion focuses on building infrastructure for everyday users. It offers an open source inter-blockchain ledger platform that aims to transition people, business and governments to crypto-ready society using IBM’s Hyperledger Fabric.
One of its products, TraXionWallet, is currently used as a white-label wallet solution, which enables the transfer of funds collected by non-profit organisations to their chosen bank accounts through a disbursement gateway. The wallet also enables users to see all donations listings, data analytics as well as other reports.
Seamanpreneurs Consumer Cooperative (SEACOOP) — a community of seafarers-driven by entrepreneurship and investing, and founded by Seaman Entrepreneurs Advocacy Center (a non-stock non-profit organisation) — has partnered with TraXion to onboard up to a million seafarer members on the TraXionWallet.
The startup claims this partnership will ease the cooperative and its members’ mode of membership payments, investments, life and non-life insurances, and remittances. Using TraxionWallet, SEACOOP members will enjoy lower transaction fees and quicker transaction time.
Commenting on the fundraise, Cruisia added: “We will focus on developing TraXionWallet, white-labelled e-wallets for business organisations, who want to move financial assets at zero cost through tokenisation of their local currencies; TraxionChain, business solutions platform for conglomerates requiring interoperability, data integrity, and asset tracking within the supply chain; and TraxionContract, which provides SmartContracts on workflows for good governance.”
She made it clear that TraXion does not intend to compete with commercial banks. Instead, its eWallet will act as a bank branch, where consumers will be able to access various products and services using their smartphone.